The Frugal Guide To Buying Insurance: What You Need And What You Don’t
You never know what’s waiting just around the corner. And having insurance protects you from the worst possibilities. But with so many policies available, things can quickly get expensive. How are you supposed to know which are worth spending your money on and which aren’t? That’s where we come in; let’s dive in.
Essential Insurance: The Must-Haves
When it comes to insurance, there are a few absolutely essential policies.
Medical expenses can quickly add up. Not having health insurance could see you facing crippling costs without being able to get the care you need. So don’t cut corners here. Get yourself protected today.
Owning a car means it’s practically a must that you carry auto insurance coverage. Not only legally required in many states, but it provides added protection in case of an accident. Without adequate trucker’s insurance protection, you could amass thousands in damages.
Home and renter’s insurance are essential if you own or rent an apartment. It protects against theft, fire or any other form of property damage while offering liability coverage in case someone gets hurt on your turf.
It might be uncomfortable, but we need to consider what happens if we get hurt. Life insurance can help cover funeral costs, outstanding debts, and provide financial support for your family. It’s definitely worth considering, especially if you have dependents.
Optional Insurance: To Buy Or Not To Buy?
While the above policies are pretty much non-negotiable, there are others you may or may not need depending on your circumstances.
- Disability: This insurance is helpful for those in high-risk jobs. Or for anyone who already lives with a chronic illness.
- Pets: It’s worth having this life and wallet-saving insurance if you own a furry friend.
- Travel: When you’re going abroad, insurance can cover cancellation costs, lost luggage, and medical expenses.
- Identity Theft: If you’re worried about your online presence or you run a small business, this insurance could help you be more vigilant.
Keep Your Wallet Happy With These 5 Cost-Saving Tips
Let’s be real; insurance can be expensive. But that doesn’t mean you have to break the bank to get good coverage.
- Bundle Policies
Many insurers provide discounts if you purchase multiple policies with them at once. For instance, having both car and home coverage with one company could save significant cash.
- Increase Deductibles
By increasing your deductibles and taking on some risk, you could potentially save money. Just be sure you can afford to pay the deductible if something does happen.
- Use Discounts
Insurance providers frequently offer discounts for safe driving, good grades and membership. Don’t be shy when speaking with agents; you could save a pretty penny.
- Shop Around
Do your research before purchasing any insurance policy. Take time to compare rates and coverage from multiple insurers to get the best value.
- Reassess Coverage
As your life circumstances evolve, so too may your insurance needs. Review your policies regularly to make sure you’re not paying for coverage you don’t need.
Buying insurance can be a daunting (and expensive) task. But it’s important to make sure you’re protecting yourself and your loved ones appropriately. Keep in mind specific policies, such as health and car insurance, are essential. Others depend entirely on your situation. Shop around to get the best rate possible and benefit from discounts whenever available. And regularly reassess your coverage to get the best deal possible.
Thanks for reading, frugal friend. Here’s to protecting what matters most while keeping your wallet happy!